Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Among the bonds with discounted transactions, "24 Zhonghua MTN004" had a relatively large deviation in valuation price; among the bonds with rising net prices, "25 ABC Tier 2 Capital Bond 01B(BC)" had a relatively large deviation in valuation price; among the second-tier perpetual bonds with rising net prices, "25 ABC Tier 2 Capital Bond 01B(BC)" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 ABC TLAC Non-capital Bond 02C(BC)" had a relatively large deviation in valuation price. Real estate bonds ranked high among the bonds with a transaction yield higher than 5% [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The transaction terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions in the 4 - 5 year variety; the transaction terms of second-tier perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions in the within-1-year variety. In terms of industries, the bonds in the national defense and military industry had the largest average deviation in valuation price [2]. 3. Summary According to Relevant Catalogs 3.1 Discounted Transaction Tracking - The report tracked the discounted transactions of multiple bonds, including "24 Zhonghua MTN004" with a residual term of 28.65 years, a valuation price deviation of -0.34%, and a transaction volume of 18.58 million yuan; "24 Chanrong 08" with a residual term of 3.35 years, a valuation price deviation of -0.30%, and a transaction volume of 3.29 million yuan, etc. [4]. 3.2 Tracking of Bonds with Rising Net Prices - The report tracked the transactions of bonds with rising net prices, such as "25 ABC Tier 2 Capital Bond 01B(BC)" with a residual term of 9.53 years, a valuation price deviation of 0.29%, and a transaction volume of 539.4 million yuan; "25 ABC Tier 2 Capital Bond 02B(BC)" with a residual term of 9.63 years, a valuation price deviation of 0.27%, and a transaction volume of 916.26 million yuan [5]. 3.3 Tracking of Second-tier Perpetual Bond Transactions - The report tracked the transactions of second-tier perpetual bonds, including those of state-owned banks, joint-stock banks, and city commercial banks. For example, "25 ABC Tier 2 Capital Bond 01B(BC)" of state-owned banks had a residual term of 9.53 years, a valuation price deviation of 0.29%, and a transaction volume of 539.4 million yuan; "21 Industrial Bank Tier 2 03" of joint-stock banks had a residual term of 5.96 years, a valuation price deviation of 0.12%, and a transaction volume of 108.07 million yuan [7]. 3.4 Tracking of Commercial Financial Bond Transactions - The report tracked the transactions of commercial financial bonds, such as "25 ABC TLAC Non-capital Bond 02C(BC)" with a residual term of 9.66 years, a valuation price deviation of 0.17%, and a transaction volume of 48.68 million yuan; "25 Nanjing Bank Bond 01BC" with a residual term of 2.78 years, a valuation price deviation of 0.06%, and a transaction volume of 250.01 million yuan [8]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - The report tracked the bonds with a transaction yield higher than 5%, mainly including real estate and non-financial bonds. For example, "21 Vanke 02" in the real estate industry had a residual term of 0.12 years, a valuation price deviation of 22.72%, and a transaction volume of 25.76 million yuan; "23 Chanrong 04" in the non-financial industry had a residual term of 0.20 years, a valuation price deviation of -0.01%, and a transaction volume of 10.16 million yuan [9]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [2]. 3.7 Distribution of Non-financial Credit Bond Transaction Terms - The transaction terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions in the 4 - 5 year variety [2]. 3.8 Distribution of Second-tier Perpetual Bond Transaction Terms - The transaction terms of second-tier perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions in the within-1-year variety [2]. 3.9 Proportion of Discounted Transactions and Transaction Volume of Non-financial Credit Bonds in Each Industry - The bonds in the national defense and military industry had the largest average deviation in valuation price [2].

Group 1: Macroeconomic Liquidity - The US dollar index continued to decline, and the degree of "inversion" in the China-US interest rate spread has deepened. The nominal and real interest rates of 10Y US Treasuries have both rebounded, indicating a rise in inflation expectations [1][14][18]. - Offshore US dollar liquidity remains marginally loose, while the domestic interbank funding environment is balanced and slightly loose. The yield spread between 10Y and 1Y government bonds continues to widen [1][20]. Group 2: Market Trading Activity - Overall market trading activity has continued to decline, with trading heat in sectors such as textiles, light industry, consumer services, and military industry remaining above the 80th percentile [2][26]. - The volatility of major indices has mostly continued to decrease, while the volatility in the communication, electric power, and electronics sectors remains above the 80th historical percentile [2][32]. Group 3: Institutional Research - Research activity is high in sectors such as electronics, pharmaceuticals, machinery, electric power, and non-ferrous metals, with rising research interest in the automotive, electronics, and military sectors [3][42]. Group 4: Analyst Forecasts - The net profit forecasts for the entire A-share market for 2025 and 2026 have been adjusted, with increases in the real estate, steel, consumer services, light industry, and pharmaceutical sectors [4][21]. - The net profit forecasts for the CSI 300 index for 2025 and 2026 have been raised, while the forecasts for the SSE 50 have been lowered. The net profit forecasts for the CSI 500 and ChiNext indices have been adjusted in opposite directions [4][23]. Group 5: Northbound Trading Activity - Northbound trading activity has continued to decline, with a net sell-off in A-shares. The ratio of buy and sell amounts in sectors such as communication, non-ferrous metals, and non-bank financials has increased, while it has decreased in electric power, automotive, and home appliance sectors [5][29]. - Northbound trading primarily net bought in the communication, military, and machinery sectors, while net selling occurred in the media, real estate, and electronics sectors [5][33]. Group 6: Margin Financing Activity - Margin financing activity has again declined, remaining at low levels since late July 2025. The net buying was mainly in the military, non-ferrous metals, and communication sectors, while net selling occurred in chemicals, electric power, and construction sectors [6][35]. - The trading heat in the "Dragon and Tiger List" has slightly decreased, with military, building materials, and light industry sectors showing relatively high trading amounts [6][41]. Group 7: Fund Activity - The positions of actively managed equity funds have continued to decline, with a slight net subscription in ETFs. Active equity funds have mainly increased positions in media, consumer services, and banking sectors, while reducing positions in non-ferrous metals, electronics, and automotive sectors [7][45]. - The newly established equity fund scale has continued to decline, with active funds seeing a rebound while passive funds have decreased. ETFs related to TMT, pharmaceuticals, and electric power sectors have been primarily net bought, while financial real estate, military, and chemical sectors have seen net selling [7][52][53].

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - The portable energy storage industry continues to grow, with the company's new product launches expected to drive market share growth. The company aims for revenue growth of no less than 39%/40.3%/39.5% for 2025-2027, reflecting confidence in business expansion [2][4]. - The household energy storage market presents significant opportunities, with the company's 5 kWh portable home storage product expected to contribute to incremental performance. The global household storage market is projected to reach approximately $16 billion in 2023 [3][4]. - The company is enhancing its brand influence and profitability through channel expansion and product innovation, with expected revenue of 50.11 billion, 76.32 billion, and 94.83 billion RMB for 2025-2027 [4]. Summary by Sections Company Overview - Huabao New Energy is a leading portable energy storage brand, primarily selling products under the Jackery brand in multiple countries, with North America accounting for about 50% of sales. The company plans to launch large-capacity, lightweight new products in 2025 to capture differentiated market segments [2][4]. Portable Energy Storage - The industry shows sustained growth potential, with projected penetration rates of approximately 10% in the U.S. and 11% in Japan by 2025. The decline in lithium iron phosphate prices in 2023 is expected to stabilize, allowing the company's gross margin to gradually return to a steady state [2][3][4]. - The company is expanding its channel matrix, with significant growth in independent website revenue, which increased by 55.25% year-on-year in the first half of 2025 [3]. Household Energy Storage - The global household storage market is expected to reach a scale of approximately $16 billion in 2023, with the company's 5 kWh portable home storage product offering differentiated advantages [3][4]. - The company is actively expanding its channels and has seen significant revenue growth in its independent website, which is expected to enhance profitability [3]. Financial Analysis - The company is expected to achieve revenues of 50.11 billion, 76.32 billion, and 94.83 billion RMB for 2025-2027, with corresponding net profits of 1.85 billion, 4.06 billion, and 6.14 billion RMB [4][8].

Investment Rating - The report suggests a positive outlook for the robotics industry, indicating a potential for significant growth in the coming months [29]. Core Insights - The robotics sector is experiencing accelerated growth, with the U.S. government considering an executive order on robotics technology, reflecting a strategic focus on advanced manufacturing and a competitive race in robotics between the U.S. and China [1][4]. - The launch of the T800 humanoid robot by Zhongqing Robotics is a significant milestone, aiming to redefine performance standards in humanoid robotics with advanced features and capabilities [1][16]. - Strategic partnerships, such as the collaboration between Cao Cao Mobility and Yuejiang Technology, are enhancing the application of robotics in operational scenarios, particularly in the Robotaxi sector [2][19]. Summary by Sections Industry Dynamics - The shift from policy guidance to commercial implementation is driving long-term development in the embodied intelligence sector, with significant policy support from local governments [9][10]. - A survey indicated that 62% of Chinese enterprises plan to deploy humanoid robots within the next three years, highlighting substantial market potential [4][9]. Main Body - Zhongqing Robotics has officially launched the T800 humanoid robot, which is designed to address industry challenges related to size adaptability and is priced starting at 180,000 yuan [16][17]. - Cao Cao Mobility and Yuejiang Technology have signed a strategic cooperation agreement to integrate robotics technology into their Robotaxi operations, enhancing service efficiency and operational capabilities [2][19]. Core Components - Fuliwang has developed micro planetary roller screws in various specifications and is currently in the sample delivery phase to major industry clients, focusing on precision transmission technology [22][27]. - Microglow's subsidiary has begun small-scale production of joint modules for humanoid robots, indicating progress in component supply for the robotics industry [22][28]. Investment Recommendations - The report emphasizes that embodied intelligence represents the strongest application of AI, with humanoid robots being a key focus area. The ROBO+ sector is expected to reshape the automotive supply chain significantly [29]. - Investors are advised to monitor technological iterations and component supply dynamics in the second half of the year, particularly focusing on companies like Tesla, Huawei, and ByteDance [29][30].

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The duration of secondary capital bonds has been continuously rising, while the durations of other credit bonds have generally shortened. As of December 5, the weighted average trading durations of urban investment bonds and industrial bonds were 1.90 years and 2.27 years respectively. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.31 years, 3.78 years, and 1.94 years respectively. General commercial financial bonds were at a relatively low historical level, and secondary capital bonds were at a relatively high historical level. For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.53 years, 1.83 years, 3.33 years, and 1.19 years respectively. The duration of securities subordinated bonds has significantly shortened compared to last week, and the durations of securities company bonds and securities subordinated bonds were at relatively low historical levels [2][9]. - The coupon duration crowding index has slightly increased. After reaching its highest value in March 2024, the coupon duration crowding index declined. This week, it increased compared to last week and is currently at the 20.8% level since March 2021 [11]. Summary by Directory 1. All - Variety Duration Overview - Urban investment bonds: The weighted average trading duration hovered around 1.90 years. The duration of Hebei provincial urban investment bonds lengthened to 5.50 years, and the trading duration of Guangxi provincial urban investment bonds shortened to around 1.22 years. The historical quantiles of the durations of urban investment bonds in regions such as Zhejiang prefecture - level cities, Henan prefecture - level cities, and Hunan province have exceeded 90%, and the duration of Hunan provincial urban investment bonds is approaching the highest level since 2021 [3][15]. - Industrial bonds: The weighted average trading duration of industrial bonds shortened compared to last week and was generally around 2.27 years. The trading duration of the transportation industry lengthened to 2.02 years, and the trading duration of the food and beverage industry shortened to 0.55 years. The trading duration of the real estate industry was at a relatively low historical level, while those of the non - ferrous metals and pharmaceutical and biological industries were at relatively high historical levels [3][21]. - Commercial bank bonds: The duration of general commercial financial bonds shortened to 1.94 years, at the 35.9% historical quantile, lower than the level of the same period last year. The duration of secondary capital bonds lengthened to 4.31 years, at the 95.1% historical quantile, higher than the level of the same period last year. The duration of bank perpetual bonds shortened to 3.78 years, at the 67.7% historical quantile, higher than the level of the same period last year [3][23]. - Other financial bonds: In terms of the weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at historical quantiles of 71.4%, 22%, 31.8%, and 61.2% respectively. The overall duration of other financial bonds has shortened compared to last week [3][26]. 2. Variety Microscope - Coupon duration crowding index: After reaching its peak in March 2024, the coupon duration crowding index decreased and then increased slightly this week. It is currently at the 20.8% level since March 2021 [11]. - Regional analysis of urban investment bonds: The report provides the durations and historical quantiles of urban investment bonds in different provinces and administrative levels, such as the duration of Hebei provincial urban investment bonds lengthening to 5.50 years and Guangxi provincial urban investment bonds shortening to 1.22 years [15][20]. - Industry analysis of industrial bonds: Different industries within industrial bonds showed different duration changes. For example, the transportation industry's duration lengthened, and the food and beverage industry's duration shortened [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The "Guojin Securities Fixed Income - Bond Market Micro - trading Thermometer" dropped 9 percentage points from the previous period to 37%. Most of the indicator quantiles declined, with only the quantiles of allocation disk strength, policy spread, commodity price ratio, and market spread rising slightly. The proportion of indicators in the over - heated range decreased to 15%, and the trading heat quantile average decreased significantly [15][20]. 3. Summary by Related Catalog 3.1. This period's micro - trading thermometer reading dropped to 37% - The "Guojin Securities Fixed Income - Bond Market Micro - trading Thermometer" dropped 9 percentage points to 37%. Indicators with large declines included TL/T long - short ratio, fund duration, and 1/10Y Treasury turnover rate, with quantiles decreasing by 55, 41, and 11 percentage points respectively. Only the quantiles of allocation disk strength, policy spread, commodity price ratio, and market spread rose slightly. Currently, the only indicator with high congestion is the 30/10Y Treasury turnover rate [15]. 3.2. The proportion of indicators in the over - heated range dropped to 15% - Among 20 micro - indicators, the number of indicators in the over - heated range decreased to 3 (15%), in the neutral range decreased to 5 (25%), and in the cold range increased to 12 (60%). The TL/T long - short ratio and fund duration both dropped from the neutral range to the cold range, and the fund's ultra - long - term bond buying volume dropped from the over - heated range to the neutral range [20]. - The trading heat quantile average decreased significantly. In trading heat, the quantiles of TL/T long - short ratio and 1/10Y Treasury turnover rate decreased by 55 and 11 percentage points, driving the trading heat quantile down 16 percentage points. In institutional behavior indicators, the fund duration quantile dropped 41 percentage points, and most other indicator quantiles also declined. Only the quantiles of allocation disk strength and listed company wealth management buying volume rose by 12 and 1 percentage points, and the institutional behavior quantile average decreased 12 percentage points. The market and policy spread quantiles rebounded 3 and 8 percentage points respectively, and the spread quantile average increased 6 percentage points. The commodity price ratio quantile rose 7 percentage points, driving the price ratio quantile average up 2 percentage points [20]. 3.2.1. TL/T long - short ratio decreased significantly - In trading heat indicators, the proportion of indicators in the over - heated range remained at 50%, in the neutral range dropped to 17%, and in the cold range rose to 33%. The TL/T long - short ratio quantile dropped 55 percentage points to 14% and moved from the neutral to the cold range. Other indicator quantiles mostly declined, with the 1/10Y Treasury turnover rate, full - market turnover rate, and institutional leverage quantiles decreasing by 11, 9, and 2 percentage points respectively [23]. 3.2.2. Fund duration decreased rapidly - In institutional behavior indicators, the proportion of indicators in the over - heated range dropped to 0%, in the neutral range remained at 25%, and in the cold range rose to 75%. The fund duration quantile dropped 41 percentage points to 18% and moved from the neutral to the cold range. The fund's ultra - long - term bond buying volume quantile dropped 8 percentage points to 69% and moved from the over - heated to the neutral range. Most other indicator quantiles also declined, with only the quantiles of allocation disk strength and listed company wealth management buying volume rising slightly [26]. 3.2.3. The policy spread quantile dropped 8 percentage points - The policy spread narrowed by 2bp to 2bp, and the corresponding quantile rose 8 percentage points to 55%, remaining in the neutral range. The credit spread widened by 3bp to 60bp, the Agricultural Development - CDB spread remained flat at 1bp, the IRS - SHIBOR 3M spread narrowed by 2bp to 1bp. The average of the three spreads widened slightly by 1bp to 20bp, and its quantile rebounded 3 percentage points to 50%, still in the neutral range [31]. 3.2.4. The commodity price ratio quantile rose slightly - The proportion of price - ratio indicators in the cold range remained at 100%. The commodity price ratio quantile rose 7 percentage points to 27%, and the quantiles of other indicators changed little [34].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights three main directions: overseas expansion, AI new materials, and domestic demand in the real estate chain, characterized by "rationality and restraint" with short-term fluctuations rather than trend changes [12][13] - In the AI materials sector, domestic and international manufacturers are rapidly entering the market, leading to high-frequency positive and negative feedback. A "steady response" approach is recommended, with a focus on diversified product offerings [13] - The lithium battery sector is identified as a potential area for improvement, with notable advancements in the lithium copper foil business of Copper Crown Copper Foil and the lithium diaphragm business of China Materials Technology [3][13] Summary by Sections 1. Weekly Discussion - The AI new materials sector is experiencing rational market behavior, with no significant upward adjustments in valuations or profit expectations for ongoing testing and development projects [12] - The report suggests that a "material supermarket" approach is safer than a "specialty store" model due to rapid changes in downstream industries [13] 2. Cyclical Linkage - Cement: The national average price is 355 RMB/t, down 70 RMB/t year-on-year, with a slight increase of 5 RMB/t month-on-month. The average shipment rate is 44.6% [15] - Glass: The average price of float glass is 1163.86 RMB/ton, up 16.02 RMB/ton, with a 1.40% increase. Inventory levels have increased slightly [15] - Concrete: The capacity utilization rate for concrete mixing stations is 8.15%, up 0.46 percentage points [15] 3. Market Performance (1201-1205) - The construction materials index increased by 2.61%, with notable performances in glass manufacturing (2.10%) and fiberglass (5.22%) [19] - The report indicates that the market is experiencing a mix of price increases and stability across various segments, with specific attention to the performance of leading companies in overseas markets [14][19] 4. Price Changes in Construction Materials - Cement prices have increased by 1.3% this week, particularly in East and Southwest regions, driven by rising production costs and limited time for price adjustments [29] - The float glass market is experiencing mixed price movements, with regional variations and a focus on inventory management as year-end approaches [43][44] 5. Important Developments - Recent announcements include a capital increase plan by Zhongda An and a contract signed by China Materials International for a mining project worth 2.7 billion RMB [5]

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% in the next 3-6 months [8]. Core Insights - The adjustment of risk factors for long-term stock investments is expected to ease the constraints on insurance capital allocation to equities. Specifically, the risk factor for stocks held over three years in the CSI 300 and the CSI Low Volatility 100 Index has been reduced from 0.3 to 0.27, and for stocks held over two years on the STAR Market, it has been lowered from 0.4 to 0.36 [2][3]. - The policy aims to guide long-term investments and stabilize the capital market, although the immediate impact on insurance capital's willingness and scale to increase equity assets is expected to be limited [4]. - It is estimated that there will be an influx of 550-600 billion yuan in new capital into the market next year, with varying levels of stock accumulation among companies [5]. Summary by Sections Risk Factor Adjustment - The adjustment of risk factors is a direct implementation of measures announced earlier to support the capital market, which includes a 10% reduction in stock investment risk factors [2][3]. - The overall impact on the solvency ratio of insurance companies is expected to be minimal, with a projected increase in solvency ratios for major life insurance companies being less than 3% [3]. Market Outlook - The insurance sector is anticipated to see double-digit growth in new premium sales, driven by the maturity of fixed deposits and the appeal of insurance products for long-term wealth preservation [6]. - The valuation of insurance companies remains low, presenting a favorable cost-performance ratio for investment [6]. Capital Influx - Major state-owned enterprises are expected to allocate 30% of new premiums to A-shares, translating to approximately 250 billion yuan entering the market [5]. - Some companies may exceed this allocation, with estimates suggesting that companies like China Life and Taiping may invest up to 40% of new premiums into the stock market [5].

Investment Rating - The report indicates a positive investment outlook for the wool industry, particularly focusing on leading wool enterprises due to expected price increases and inventory replenishment [1][11]. Core Insights - The wool trend is upward, with a focus on investment opportunities in leading wool companies. After a period of low demand and destocking from 2024 to the first half of 2025, the industry is expected to see a cyclical turning point in the second half of 2025. Downstream demand is gradually recovering, as evidenced by a 42% year-on-year increase in contract liabilities for New Australia Holdings in Q3 2025, and a 12.6% year-on-year decrease in raw material inventory across the industry. This supply-demand dynamic supports a strengthening of wool prices, with the spot price of Australian 19-micron wool rising by 20.44% year-on-year in September 2025 [1][12][13]. - Natural堂 Group has submitted a listing application to the Hong Kong Stock Exchange. As China's third-largest domestic cosmetics group, its main brand, Natural堂, remains a leader among domestic brands. The company focuses on mass-market skincare products, with 68.8% of revenue coming from online channels and a broad offline network. In the first half of 2025, the company's revenue grew by 6.4% year-on-year, aligning with the growth rate of the mass-market skincare industry [1][14][24]. Industry Data Tracking - In October, clothing retail sales began to recover, showing a year-on-year growth of 6.3%, attributed to seasonal promotions and improved consumer traffic due to reduced extreme weather conditions. Jewelry retail also continued to recover, with a year-on-year increase of 9.6% [2][27]. - The cosmetics sector saw a year-on-year retail increase of 9.6% in October, with a significant acceleration in growth compared to September [2][39]. Investment Recommendations - For the apparel sector, Hai Lan Home is recommended for its innovative transformation and strong profitability potential. Li Ning is undergoing operational adjustments, with a potential turning point expected in 2025. In the beauty sector, recommendations include Giant Biological, which has shown resilience, and Jinbo Biological, a leader in collagen products expected to launch new products in the second half of the year. In the gold and jewelry sector, the report recommends Laopu Gold due to its strong brand power amid rising gold prices [3][43].

Investment Rating - The report does not explicitly state an investment rating for the agricultural sector, but it implies a cautious outlook due to ongoing challenges in various sub-sectors [61]. Core Insights - The agricultural sector is currently facing a downturn, with the agricultural index declining by 1.49% week-on-week, underperforming compared to major indices like the Shanghai Composite [13][14]. - The pig farming industry is experiencing significant losses, with prices expected to continue declining in the short term, although there is potential for recovery in the medium to long term due to capacity reduction and policy support [3][20]. - Poultry farming shows signs of stabilization, particularly in yellow feathered chicken prices, driven by improved demand and supply contraction, while white feathered chicken prices remain under pressure [4][28]. - The beef and dairy sectors are also under pressure, with beef prices expected to rise as the market enters a consumption peak, while dairy prices are stabilizing after a period of decline [5][36]. - The planting sector is witnessing fluctuations in grain prices, with corn prices showing slight increases amid tight supply conditions, and potential improvements expected if crop yields decline significantly [6][41]. Summary by Sections 1. Swine Farming - The average price of live pigs is currently at 11.20 CNY/kg, with a slight week-on-week increase of 0.09% [19]. - The average weight of pigs at slaughter is 129.82 kg, indicating a slight increase, but the industry remains in a state of loss with negative profit margins for both purchased and self-bred pigs [20][19]. - The report suggests focusing on low-cost, high-quality enterprises like Muyuan Foods and Wens Foodstuff Group for potential investment opportunities [3][20]. 2. Poultry Farming - The average price for white feathered chickens is 7.27 CNY/kg, reflecting a week-on-week increase of 1.11% [28]. - The profitability of parent stock and broiler chickens has shown improvement, although overall profits remain under pressure due to high supply levels [28]. - The report recommends monitoring companies like Lihua Agricultural and Shennong Group for potential investment as the market stabilizes [4][28]. 3. Livestock - Live cattle prices in Shandong are at 26.71 CNY/kg, with a year-on-year increase of 13.18% [5][36]. - The dairy sector is seeing a recovery in raw milk prices, with average procurement prices at 3.02 CNY/kg, indicating a potential stabilization in the market [5][36]. - The report highlights the potential for a new beef cycle and suggests focusing on companies like Yurun Group and Modern Dairy for investment [5][36]. 4. Planting Sector - Corn prices are currently at 2228.57 CNY/ton, with a slight increase of 0.45% week-on-week, while soybean prices remain stable [41]. - The report notes that external uncertainties and weather disruptions could lead to reduced crop yields, which may improve the planting sector's outlook [6][41]. - Companies involved in seed production, such as Longping High-Tech, are recommended for monitoring as the sector seeks to enhance productivity [6][41]. 5. Feed and Aquaculture - Feed prices have stabilized, with pig feed at 3.32 CNY/kg and poultry feed remaining unchanged [50]. - Aquaculture prices are showing positive trends, particularly for shrimp and fish products, indicating a potential recovery in this segment [50].